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Allocating distributions from suspense (legacy method)
Mclowd provides users with two options in terms of suspense allocations:
- A legacy interface (available to all users)
- An upgraded tabular interface which supports faster transaction processing (access to which is restricted to Pro and Premium users only)
- The suspense allocation function – in either mode – is not suitable for adding a new property or any additions to that property.
- That should be done only via the Add New Asset or Assets screens
- However the interface is suitable for allocating property-related rental income and deductions
The balance of this article deals with the legacy interface.
If you have successfully imported the bank data:
- Choose Suspense Allocation Legacy from the Transactions menu
- You will then see the Allocate Suspense Entries screen
From the Suspense Account Allocation screen you will see a list of transactions that are available for allocation.
The following example relates to dealing with Unit Trust/Managed Fund income.
In the relevant row:
- Click the Please select button against the trust distribution transaction
- You will see a drop-down list of Income, Expenses, and Other categories
- Select Trust Distribution
You will then be taken to the Add New Income screen.
- Click Please select against Select Account and then choose the Fund or the relevant member
- Click Please select and then choose the relevant asset from the drop down menu
- In this instance, we have selected VAS